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Related Experiment Videos

Inventory auditing: a manufacturing perspective.

J A Swartley, J D Hall

Hospital Materiel Management Quarterly

|July 8, 1990

Summary

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Understanding the annual audit program involves a straightforward five-step inventory audit plan. Auditors verify inventory existence, completeness, ownership, valuation, and classification, alongside internal controls and financial assertions.

Area of Science:

Accounting
Auditing

Background:

Annual audit programs often appear complex but follow a structured approach.
Inventory audits are a critical component of financial statement verification.

Purpose of the Study:

To demystify the annual audit program by outlining its core components.
To explain the fundamental steps involved in developing an effective inventory audit plan.

Main Methods:

The study outlines a five-step inventory audit process.
Auditors verify internal controls and management's financial assertions.
Evidence is gathered to support financial claims regarding inventory.

Main Results:

A five-step inventory audit plan includes verifying existence, completeness, ownership, valuation, and classification.

Related Experiment Videos

Auditors assess a firm's internal control systems.

Management's financial assertions are substantiated through collected evidence.

Conclusions:

The inventory audit plan is comprehensible when basic auditor concerns are understood.
Factors such as time, cost, and frequency can influence audit execution.
A systematic approach ensures thorough verification of inventory assets.